# Table 9: Combined Regime Model (DV: Inflation)

| Variable | Full | OECD |
|---|---|---|
| Z_1 | -4.856 (13.918) | -6.160 (14.512) |
| Z_2 | 1.550 (1.846) | 1.583 (1.920) |
| Z_3 | -0.078 (0.069) | -0.078 (0.072) |
| cbi_index | 1.231* (0.726) | 1.050 (0.771) |
| it_adopter | -0.141 (0.474) | -0.351 (0.474) |
| Z_1_x_cbi | 0.408 (1.064) | 0.495 (1.116) |
| Z_1_x_it | -0.298 (0.699) | 0.055 (0.695) |
| rgdp_growth | -0.114*** (0.024) | -0.130*** (0.025) |
| output_gap | 0.236*** (0.036) | 0.232*** (0.038) |
| fiscal_bal_gdp | 0.045* (0.026) | 0.052* (0.027) |
| kaopen | -1.532*** (0.158) | -1.869*** (0.171) |
| nfa_gdp_lag | 0.040 (0.309) | -0.128 (0.343) |
|---|---|---|
| R² | 0.391 | 0.449 |
| N obs | 800 | 754 |
| N countries | 24 | 22 |